SAN DIEGO–(BUSINESS WIRE)–The law firm of Robbins Geller Rudman & Dowd LLP announces that purchasers of Stronghold Digital Mining, Inc. (NASDAQ: SDIG) have purchased Class A common stock pursuant to and/or traceable to the registration statement and prospectus (collectively, the “Registration Statement”) issued in connection with Stronghold Digital Mining’s public offering October 2021 (“IPO”) have until June 13, 2022 to request appointment as Lead Plaintiff Winter vs. Stronghold Digital Mining, Inc., No. 22-cv-03088 (SDNY). Beginning April 14, 2022, the Stronghold of digital mining Class action lawsuit accuses Stronghold Digital Mining, certain of its officers and directors, and the underwriters of the IPO of violating the Securities Act of 1933.
If you have suffered significant losses and are the main plaintiff in the Stronghold of digital mining Class action, please Enter your information by clicking here. You can also contact a lawyer JC Sanchez by Robbins Geller by phone at 800/449-4900 or by email at firstname.lastname@example.org. List the plaintiff’s applications for the Stronghold of digital mining Class action must be filed with the court no later than June 13, 2022.
CASE CLAIMS: Stronghold Digital Mining is a crypto asset mining company focused on mining Bitcoin. In the IPO, Stronghold Digital Mining sold 7,690,400 Class A common shares at a price of $19.00 per share. Stronghold Digital Mining received approximately $132.5 million in net proceeds from the IPO. Proceeds from the IPO were to be provided to Stronghold LLC in exchange for Stronghold LLC units, and Stronghold LLC would allegedly use the net proceeds for general corporate purposes, including miner and power generation asset acquisitions.
That Stronghold of digital mining The class action alleges that the IPO’s registration statement was materially false and misleading and failed to disclose that: (i) contracted suppliers, including Minerva Semiconductor Corp., had a reasonable likelihood of failing expected shipment volumes and deadlines; (ii) due to the strong demand and pre-sold supply of mining equipment in the industry, Stronghold Digital Mining would have difficulty finding miners outside of confirmed orders; (iii) as a result, there was a significant risk that Stronghold Digital Mining could not expand its mining capacity as anticipated; (iv) Stronghold Digital Mining would therefore be likely to incur significant losses; and (v) consequently, Defendants’ positive statements about Stronghold Digital Mining’s business, operations and prospects were materially misleading and/or lacking any reasonable basis.
On March 29, 2022, Stronghold Digital Mining reported a net loss of $0.52 for the fourth quarter of 2021, below analyst estimates of $0.04 earnings per share, while Stronghold Digital Mining’s chief executive officer identified “significant headwinds in our Operations that have recently made a significant impact led financial performance.” Following the news, Stronghold Digital Mining’s share price fell approximately 32%.
Until the beginning of Stronghold of digital mining Class action lawsuit, shares of Stronghold Digital Mining traded for just $4.78 per share.
THE LEADING PLAINTANT TRIAL: The Private Securities Litigation Reform Act of 1995 permits any purchaser of Stronghold Digital Mining Class A common stock to be appointed lead plaintiff in the Stronghold of digital mining class action. A lead plaintiff is generally the claimant who has the greatest financial interest in the remedy sought by the alleged class that is also typical and appropriate for the alleged class. A lead plaintiff acts on behalf of all other group members in the direction of the Stronghold of digital mining class action. The lead plaintiff may select a law firm of his choice to conduct the litigation Stronghold of digital mining class action. An investor’s ability to participate in a potential future recovery Stronghold of digital mining The class action is not contingent on her serving as lead plaintiff.
ABOUT ROBBINS GELLER RUDMAN & DOWD LLP: Robbins Geller Rudman & Dowd LLP is one of the world’s leading complex class action law firms representing plaintiffs in securities fraud cases. The company ranks first in ISS Securities Class Action Services’ 2021 Top 50 report for recovering nearly $2 billion for investors last year alone — more than triple the amount recovered by any of the plaintiffs’ other companies was reclaimed. With 200 attorneys in 9 offices, Robbins Geller’s attorneys have secured many of the largest securities class action recoveries in history, including the largest securities class action recovery of all time – $7.2 billion – in Regarding Enron Corp. sec. lig. please visit http://www.rgrdlaw.com for more informations.
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